Quarterly Report • May 8, 2013
Quarterly Report
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| in 1 million | 3M/ 2013 | 3M/ 2012 | Change |
|---|---|---|---|
| Continuing operations | |||
| Order entry | 34.9 | 39.0 | -10.5 % |
| Order backlog as of 03 / 31 | 91.5 | 99.8 | -8.3 % |
| Total sales | 30.1 | 31.2 | -3.5 % |
| Sales margin | -8.3% | -0.6 % | -7.7 %-points |
| Gross profit | 7.3 | 11.3 | -35.4 % |
| Gross margin | 24.3% | 36.2 % | -11.9 %-points |
| Cost of sales | 22.8 | 19.9 | 14.6 % |
| R&D costs | 2.2 | 2.4 | -8.3 % |
| Continuing operations | |||
| EBITDA | -1.7 | 1.5 | - |
| EBITDA margin | -5.6% | 4.8 % | -10.4 %-points |
| EBIT | -3.3 | 0.0 | - |
| EBIT margin | -11.0% | 0.0 % | -11.0 %-points |
| Earnings after tax | -2.5 | -0.2 | <-100.0 % |
| Earnings per share (in 3) | -0.13 | -0.01 | <-100.0 % |
| Continuing and discontinued operations | |||
| Earnings after tax | -2.5 | 1.3 | - |
| Earnings per share (in 3) | -0.13 | 0.07 | - |
| Balance sheet and cash flow | |||
| Equity | 124.6 | 121.3 | 2.7 % |
| Equity ratio | 71.2% | 60.1 % | 11.1 %-points |
| Return on equity | -2.0% | -0.2 % | -1.8 %-points |
| Balance sheet total | 174.9 | 201.8 | -13.3 % |
| Net cash | 25.1 | 38.5 | -34.8 % |
| Free cash flow(1) | -7.2 | 0.3 | - |
| Further key figures | |||
| Investments (2) | 1.0 | 0.6 | 66.7 % |
| Investment ratio | 3.3% | 1.9 % | 1.4 %-points |
| Depreciation | 1.6 | 1.5 | 6.7 % |
| Employees as of 03 / 31 | 693 | 687 | 0.9 % |
We continue to find ourselves in a challenging macroeconomic environment. In Europe the debt crisis has once again intensified, initially with the threat of insolvency and then with the drawn-out bailout of Cyprus. In addition, the modest economic outlook for 2013 has not generated any new impetus for the economy and the capital markets. We assume that the current fiscal year will once again be decisively shaped by political decisions on the European and international level. With respect to order entry, we look back on a positive first quarter of 2013 following a strong fourth quarter of 2012. We were able to record new orders of EUR 34.9 million, thus at the upper end of estimates for the first quarter. Based on the orders position in the first quarter of 2013 and the order backlog at the end of 2012, we remain cautiously optimistic for the remainder of the year.
On the operations side, there is positive news from the first quarter. In March 2013, we received a follow-on order from a leading international Integrated Device Manufacturer (IDM) for the latest generation of production bond clusters. The customer, which installed the first tools from us in 2012, plans to enter into preserial production with the newly ordered systems. The equipment was configured to temporarily bond and debond 300mm wafers using adhesives from Thin Materials (TMAT). The placement of this order marks the first time that a production customer is preparing to enter into the pre-serial production of 3D integration processes. We view this as an important milestone on the way toward the large-scale maturity of 3D integration and the opening of a new and attractive growth market.
In addition, we signed an agreement to acquire the previously leased real estate at the Garching site in the first quarter, sending a clear signal about the extraordinary significance of Garching as an administrative and production site. With that acquisition, we are ensuring not only savings on the rental payments but also a high degree of operational flexibility in view of Companyspecific requirements for the property.
Order entry of EUR 34.9 million in the first three months of the 2013 fiscal year declined as expected from EUR 39.0 million in the previous year's quarter – a drop of 10.5 percent. Sales of EUR 30.1 million in the first quarter were only slightly below the level in the previous year's quarter (Q1 2012: EUR 31.2 million). As a result, the order backlog as of March 31, 2013 amounted to EUR 91.5 million (March 31, 2012: EUR 99.8 million).
Earnings before interest and taxes (EBIT) of EUR -3.3 million were below the EUR -0.04 million of the previous year's quarter. EBIT in the first quarter of 2012 included one-time currency effects of EUR -0.4 million. This resulted from the settlement of Company-internal foreign currency credits of SUSS MicroTec AG to SUSS MicroTec Inc. in connection with the acquisition of Tamarack Scientific in March 2012. Earnings after taxes (EAT) for continuing operations amounted to EUR -2.5 million, compared to EUR -0.2 million in the previous year. Earnings after taxes (EAT) amounted to EUR -2.5 million for continuing and discontinued operations, compared to EUR 1.3 million in the previous year. Earnings in 2012 included a tax-free amount of EUR 1.5 million, which resulted from the sale of the Test Systems division in 2010. The basic earnings per share (EPS) totaled EUR -0.13 (previous year: EUR 0.07).
Cash flow from operating activities was EUR -6.1 million, compared to EUR 0.9 million in the previous year's quarter. Free cash flow for the quarter before consideration of acquisitions and extraordinary effects amounted to EUR -7.2 million (previous year's quarter: EUR 0.3 million). As of March 31, 2013, the SUSS MicroTec Group therefore had cash and interest-bearing securities of EUR 29.3 million (December 31, 2012: EUR 36.6 million). The net cash position of EUR 25.1 million was lower than the EUR 32.3 million as of December 31, 2012 (March 31, 2012: EUR 38.5 million).
Frank Averdung Chief Executive Officer of SUSS MicroTec AG
Michael Knopp Chief Financial Officer of SUSS MicroTec AG
The management board of SUSS MicroTec has decided to focus permanent bonding on MEMS and LED applications to address the unsatisfying earnings level of this product line. With this step SUSS MicroTec takes into account the technological advancement of the product portfolio and the market developments of the recent years. In connection with these measures a noncash adjustment of EUR 6.8 million in the second quarter 2013 will be necessary. The write-offs are on capitalized development costs, which originate from the years prior to 2008, as well as on no longer needed demonstration tools and inventories. The future growth of the Substrate Bonder division will mainly be driven by the product line Temporary Bonding which has been successfully established in the market. The sales contribution of the Permanent Bonding product line will for the time being remain at the level of the previous year. With these changes the Substrate Bonder division of SUSS MicroTec is well positioned to benefit from the expected growth in the target markets 3D IC, MEMS and LED in the years to come.
Management reiterates the sales guidance of approximately EUR 150 million for the fiscal year 2013. Due to the write-offs, SUSS MicroTec now expects a negative EBIT in the mid-to-high single digit million Euro range for the fiscal year 2013. For the second quarter of the fiscal year 2013 the company expects orders to come in between EUR 30–40 million.
Garching, Germany, May 2013
Frank Averdung Michael Knopp
Chief Executive Officer Chief Financial Officer
In January 2013 SUSS MicroTec announced the acquisition of the previously rented real estate at the group's headquarter in Garching. The purchase agreement was signed on January 23, 2013, the transition of the title to the property is expected to take place on September 30, 2013. The purchase of the property is expected to generate a positive annual EBIT effect of EUR 0.4 million. Besides the rent savings, SUSS MicroTec will gain a great deal of operational flexibility with regards to the company specific property requirements and makes a statement on the importance of the production site in Garching. This property offers interesting perspectives to enlarge the facilities in the future and its traffic connections as well as the proximity to research campuses in Munich are very attractive.
Rolith Inc., the leader in developing advanced nanostructured coatings and devices, has successfully installed a 2nd-generation nanostructuring prototype tool built by SUSS MicroTec under exclusive license from Rolith, Inc. in March 2013. This prototype is based on a disruptive nanolithography method (Rolling Mask Lithography – RMLTM) developed by Rolith, Inc. It enables users to create nanostructures over large areas – up to 1m x 0.3 m – of substrate materials in a high throughput and cost effective manner. The innovative optical nanolithography technology by Rolith together with our equipment solution allows printing of very small structures. With continuous rolling mask lithography, processing large substrate sizes is possible offering a completely new capability to our customers.
A world-leading IDM (Integrated Device Manufacturer) placed a follow up purchase order for the latest generation of high volume manufacturing temporary bond clusters from SUSS MicroTec. The customer, who has installed SUSS MicroTec tools in 2012 already, plans to enter into a pilot production with the new systems. The equipment was configured to temporarily bond and debond 300mm wafers using adhesives from Thin Materials (TMAT). Delivery of the bond cluster is expected for the second half of the fiscal year 2013.
After Greece and Spain, now Cyprus is also caught up in the maelstrom of the European debt crisis. The country, its residents, and particularly the banking sector will have to accept massive cuts so that the country can be saved from long-term financial ruin. The most recent developments clearly demonstrate that the debt crisis still has Europe firmly in its clutches. In an interview with the Frankfurter Allgemeine Zeitung on April 7, 2013, Jens Weidmann, president of the German Bundesbank explained: "I believe that the time required to overcome the crisis will not be measured in months, but rather that we will be dealing with this for years to come. Regaining competitiveness, for example, and the consolidation of government finances are very comprehensive or extremely far-reaching challenges that will occupy us for a long time." This statement reinforces once again the prediction we made early on, in our report for the first quarter of 2012, when we stated that the European debt crisis was far from over and that real economic consequences were very likely. The initial effects in the form of weakened global economic growth for 2012 and a weak economic outlook for 2013 are already visible. The capital market could also be confronted with a continued period of volatility as a result of being influenced by this macroeconomic environment.
After experiencing difficulties on the stock market last year, the SUSS MicroTec share was able to reverse this trend already in the fourth quarter of 2012 and recover significantly from its lows. On January 2, the share began the new fiscal year with a XETRA closing price of EUR 8.85. Over the course of January 2013, the share price, with additional research coverage by Bankhaus Lampe, was able to climb to EUR 10.00 once again. By mid-February, the price of the SUSS MicroTec share had moved slightly lower. After publication of preliminary figures for the 2012 fiscal year and the announcement of a restrained outlook for the full year in 2013, the share price responded with a significant drop. This trend was broken only with the announcement of an important customer order in the area of 3D integration on March 28, 2013. Following the report, the price rose sharply and the share was able to conclude the first quarter with an overall increase of one percent, corresponding to a closing price of EUR 8.91.
The two benchmark indexes TecDAX and Prime IG Semiconductor performed very differently in the first quarter of 2013. The TecDAX closed the first quarter of the year with a gain of approximately 11 percent, whereas the Prime IG Semiconductor recorded a slight decline of approximately one percent.
The average daily trading volume of SUSS MicroTec shares on all German stock exchanges in the first quarter of 2013 amounted to approximately 115,000 shares (Q1 2012: average daily trading volume of approximately 184,000 shares).
of SUSS MicroTec AG
After a strong fourth quarter of 2012, the orders position weakened somewhat in the first quarter of 2013. Still it was possible to record total order entry of 134.9 million, representing a decline of 10.5% from the previous year's quarter (previous year: 139.0 million). Sales of 130.1 million in the first quarter were only slightly below the corresponding quarter of the previous year (Q1 2012: 131.2 million). The order backlog as of March 31, 2013 amounted to 191.5 million (March 31, 2012: 199.8 million).
Earnings before interest and taxes (EBIT) of 1 -3.3 million were below the 1-0.04 million of the previous year's quarter. EBIT in the first quarter of 2012 included one-time currency effects of 1-0.4 million. This resulted from the settlement of Company-internal foreign currency credits of SUSS MicroTec AG to SUSS MicroTec Inc. in connection with the acquisition of Tamarack in March 2012. Earnings after taxes (EAT) for continuing operations amounted to 1-2.5 million, compared to 1-0.2 million in the previous year. Earnings after taxes (EAT) amounted to 1-2.5 million for continuing and discontinued operations, compared to 11.3 million in the previous year. Earnings in 2012 included a tax-free amount of 11.5 million, which resulted from the sale of the Test Systems division in 2010. The basic earnings per share (EPS) totaled 1-0.13 (previous year: 10.07).
Cash flow from operating activities was 1-6.1 million, compared to 10.9 million in the previous year's quarter. Free cash flow for the quarter before consideration of acquisitions and extraordinary effects amounted to 1- 7.2 million (previous year's quarter: 10.3 million). As of March 31, 2013, the SUSS MicroTec Group therefore had cash and interest-bearing securities of 129.3 million (December 31, 2012: 136.6 million). The net cash position of 125.1 million was lower than the 132.3 million as of December 31, 2012 (March 31, 2012: 138.5 million).
In the first quarter of 2013, all regions recorded a decline in order entry: The region of Europe recorded a drop of approximately 16%, North America a drop of approximately 2%, Japan a drop of 85%, and Rest of Asia a decline of approximately 5%.
Regional sales displayed double-digit declines in the first quarter in all regions, except for Rest of Asia. While the region of North America recorded a decline of approximately 24%, Europe reported a decline of 37.5%, and sales in Japan fell by approximately 71%. Only the region of Rest of Asia recorded a significant increase in sales of approximately 105% compared to the previous year's quarter. The reason for this was the unusually low sales generated by the region of Rest of Asia in the first quarter of 2012. With a share of total sales of 56.3%, the sales share of Rest of Asia returned to the normal level.
Sales by Region in 3 million
Q1 2012 Q1 2013
The Lithography division comprises the development, manufacture, and sale of the Mask Aligner, Developer, and Coater product lines. These product lines are developed and produced in Germany at the locations in Garching near Munich and Sternenfels. The Lithography division was strengthened in the first quarter of 2012 by the acquisition of Tamarack Scientific Co., Inc., Corona, USA. Tamarack is a leading provider of UV projection lithography devices as well as laser-based microstructuring systems.
The Lithography division recorded a decline in order entry and sales in the first three months of the 2013 fiscal year. Order entry of 121.7 million was 19.0% below its total of 126.7 million a year earlier. Division sales in the first quarter of 2013 amounted to 118.6 million after 121.5 million in the previous year's quarter. Division earnings deteriorated as a result of lower total sales combined with an unfavorable product mix, declining from 14.3 million to 10.4 million.
The Substrate Bonder division comprises the development, production, and sale of the Substrate (Wafer) Bonder product line and is located at our site in Sternenfels (Germany).
In the first quarter of the new fiscal year, the Substrate Bonder division recorded a significant increase in order entry from the previous year's quarter, reaching 110.9 million after 15.8 million in the first quarter 2012. While order entry rose by 88% in the quarterly comparison, sales declined from 14.3 million to 13.1 million. Division earnings deteriorated by the end of the quarter to 1-4.2 million (Q1 2012: 1-3.2 million). Weak earnings resulted from the lower absolute sales level as well as high research and development costs.
Q1 2012 Q1 2013
The Photomask Equipment division comprises the development, manufacture, and sale of the HMx, ASx, MaskTrack, and Mask-Track Pro product lines. The development and production of specialized systems for the cleaning and processing of photomasks for the semiconductor industry are also conducted at the Sternenfels site in Germany.
The Photomask Equipment division recorded lower order entry of 11.1 million in the first quarter of 2013 (Q1 2012: 15.5 million) as well as much higher division sales of 17.5 million (Q1 2012: 14.5 million). Accordingly, division earnings improved to 11.2 million in the first quarter 2013 (Q1 2012: 1-0.4 million).
Photomask Equipment Division Overview in 3 million
The Others division comprises Micro-optics activities at the Hauterive, Switzerland, location, the C4NP business, as well as the costs for central Group functions that generally cannot be attributed to the main divisions. Ownership of the Micro-optics business was boosted to 100% in the first half of 2012. In this way, the company, which commands important enabling technologies, was even more closely tied to SUSS MicroTec.
Division sales of 10.9 million remained on the same level as in the previous year's quarter, while order entry grew by approximately 20 percent to 11.2 million (Q1 2012: 11.0 million). Division earnings of 10.7 million were at the same level as in the previous year.
of SUSS MicroTec AG
| in 1 thousand | 01.01.2013–03.31.2013 | 01.01.2012–03.31.2012 |
|---|---|---|
| Sales | 30,095 | 31,208 |
| Cost of sales | -22,795 | -19,923 |
| Gross profit | 7,300 | 11,285 |
| Selling costs | -4,449 | -4,452 |
| Research and development costs | -2,232 | -2,389 |
| Administration costs | -3,919 | -3,989 |
| Other operating income | 1,021 | 729 |
| Other operating expenses | -1,025 | -1,226 |
| Analysis of net income from operations (EBIT) | ||
| EBITDA (Earnings before Interest and Taxes, Depreciation and Amortization) | -1,740 | 1,472 |
| Depreciation and amortization of tangible assets, intangible assets and investments in subsidiaries |
-1,564 | -1,514 |
| Net income from operations (EBIT) | -3,304 | -42 |
| Financial income | 138 | 220 |
| Financial expenses | -90 | -223 |
| Financial result | 48 | -3 |
| Loss from continuing operations before taxes | -3,256 | -45 |
| Income taxes | 736 | -200 |
| Loss from continuing operations | -2,520 | -245 |
| Net profit or loss from discontinued operations (after taxes) | 0 | 1,507 |
| Net profit or loss | -2,520 | 1,262 |
| Thereof equity holders of SUSS MicroTec | -2,520 | 1,236 |
| Thereof minority interests | 0 | 26 |
| Earnings per share (basic) | ||
| Basic earnings per share from continuing operations in 1 | -0.13 | -0.01 |
| Basic earnings per share from discontinued operations in 1 | 0.00 | 0.08 |
| Earnings per share (diluted) | ||
| Diluted earnings per share from continuing operations in 1 | -0.13 | -0.01 |
| Diluted earnings per share from discontinued operations in 1 | 0.00 | 0.08 |
| in 1 thousand | 01.01.2013–03.31.2013 | 01.01.2012–03.31.2012 |
|---|---|---|
| Net profit or loss | -2,520 | 1,262 |
| Items that will not be reclassified to profit and loss | ||
| Remeasurements on defined benefit pension plans | 2 | -11) |
| Other comprehensive income after tax for items that will not be reclassified to profit and loss |
2 | -1 |
| Items that will be reclassified subsequently to profit and loss | ||
| Fair value fluctuations of available for sale securities | -80 | 120 |
| Foreign currency adjustment | -91 | 14 |
| Cash flow hedges | 42 | -38 |
| Deferred taxes | 10 | -23 |
| Other comprehensive income after tax for items that will be reclassified to profit and loss | -119 | 73 |
| Total income and expenses recognized in equity | -117 | 72 |
| Total income and expenses reported in the reporting period | -2,637 | 1,334 |
| Thereof equity holders of SUSS MicroTec | -2,637 | 1,301 |
| Thereof minority interests | 0 | 33 |
1) Since January 1, 2013, the SUSS MicroTec Group applies IAS 19 (revised). This change in accounting policy was recognised retrospectively and comparatives 2012 have been restated. The impacts resulting from the adjustment are described in the selected explanatory notes (Point 3.2).
| in 1 thousand ass ets |
03.31.2013 | 12.31.2012 |
|---|---|---|
| Non-current assets | 37,934 | 37,325 |
| Intangible assets | 6,893 | 7,504 |
| Goodwill | 15,447 | 15,394 |
| Tangible assets | 12,246 | 12,068 |
| Tax refund claims | 80 | 80 |
| Other assets | 580 | 773 |
| Deferred tax assets | 2,688 | 1,5061) |
| Current assets | 136,961 | 143,088 |
| Inventories | 85,707 | 82,179 |
| Trade receivables | 17,675 | 21,758 |
| Other financial assets | 600 | 547 |
| Securities | 20,282 | 11,394 |
| Tax refund claims | 363 | 295 |
| Cash and cash equivalents | 9,037 | 25,192 |
| Other assets | 3,297 | 1,723 |
| Total assets | 174,895 | 180,413 |
1) Since January 1, 2013, the SUSS MicroTec Group applies IAS 19 (revised). This change in accounting policy was recognised retrospectively and comparatives 2012 have been restated. The impacts resulting from the adjustment are described in the selected explanatory notes (Point 3.2).
| Liabilities & shareholders' equity in 1 thousand | 03.31.2013 | 12.31.2012 |
|---|---|---|
| Equity | 124,554 | 127,193 |
| Total equity attributable to shareholders of SUSS MicroTec AG | 124,554 | 127,193 |
| Subscribed capital | 19,116 | 19,116 |
| Reserves | 107,422 | 109,944 |
| Accumulated other comprehensive income | -1,984 | -1,867 1) |
| Minority interests | 0 | 0 |
| Non-current liabilities | 11,040 | 11,039 |
| Pension plans and similar commitments | 4,045 | 4,1191) |
| Provisions | 110 | 296 |
| Financial debt | 3,978 | 3,981 |
| Other financial liabilities | 2,715 | 2,577 |
| Deferred tax liabilities | 192 | 66 |
| Current liabilities | 39,301 | 42,181 |
| Provisions | 3,010 | 3,602 |
| Tax liabilities | 841 | 1,050 |
| Financial debt | 199 | 288 |
| Other financial liabilities | 5,620 | 6,815 |
| Trade payables | 6,095 | 6,862 |
| Other liabilities | 23,536 | 23,564 |
| Total liabilities & shareholders' equity | 174,895 | 180,413 |
1) Since January 1, 2013, the SUSS MicroTec Group applies IAS 19 (revised). This change in accounting policy was recognised retrospectively and comparatives 2012 have been restated. The impacts resulting from the adjustment are described in the selected explanatory notes (Point 3.2).
| in 1 thousand | 01.01.2013–03.31.2013 | 01.01.2012–03.31.2012 | |
|---|---|---|---|
| Net profit or loss (after taxes) | -2,520 | 1,262 | |
| Amortization of intangible assets | 967 | 1,073 | |
| Depreciation of tangible assets | 597 | 440 | |
| Change of reserves on inventories | 603 | 1,469 | |
| Change of reserves for bad debts | 93 | 136 | |
| Other non-cash effective income and expenses | -352 | 193 | |
| Gain from subsequent purchase price payment for Test business | 0 | -1,507 | |
| Change in inventories | -3,700 | -6,054 | |
| Change in trade receivables | 3,966 | 2,207 | |
| Change in other assets | -1,502 | -74 | |
| Change in pension provisions | -74 | 518 | |
| Change in trade payables | -858 | -1,292 | |
| Change in other liabilities and other provisions | -2,290 | 2,517 | |
| Change of deferred taxes | -1,056 | 57 | |
| Cash flow from operating activities | -6,126 | 945 |
| SUSS MicroTec AG |
Financi al Report |
019 |
|---|---|---|
| in 1 thousand | 01.01.2013–03.31.2013 | 01.01.2012–03.31.2012 |
|---|---|---|
| Disbursements for tangible assets | -749 | -540 |
| Disbursements for intangible assets | -281 | -126 |
| Purchases of current available-for-sale securities | -8,967 | -16,918 |
| Proceeds from redemption of available-for-sale securities | 0 | 4,031 |
| Proceeds from subsequent selling price for Test business | 0 | 1,507 |
| Payments for purchase of Tamarack | 0 | -5,184 |
| Cash flow from investing activities | -9,997 | -17,230 |
| Change in current bank liabilities | -89 | -142 |
| Change in other financial debt | -3 | -96 |
| Cash flow from financing activities | -92 | -238 |
| Adjustments to funds caused by exchange-rate fluctuations | 60 | -252 |
| Change in cash and cash equivalents | -16,155 | -16,775 |
| Funds at beginning of the year | 25,192 | 37,036 |
| Funds at end of the period | 9,037 | 20,261 |
| Cash flow from operating activities includes: | ||
| Interest paid during the period | 47 | 57 |
| Interest received during period | 154 | 371 |
| Tax paid during the period | 527 | 3,624 |
| Tax refunds during the period | 0 | 48 |
| in 1 thousand | Subscribed capital |
Additional paid-in capital |
Earnings reserve | Retained Earnings |
|---|---|---|---|---|
| As of January 1, 2012 | 19,101 | 98,384 | 433 | 2,799 |
| Adjustments1) | ||||
| As of January 1, 2012 (adjusted) | 19,101 | 98,384 | 433 | 2,799 |
| Net loss | 1,236 | |||
| Total income and expenses recognized in equity | ||||
| Total comprehensive income | 1,236 | |||
| As of March 31, 2012 | 19,101 | 98,384 | 433 | 4,035 |
| As of January 1, 2013 | 19,116 | 97,613 | 433 | 11,896 |
| Adjustments1) | ||||
| As of January 1, 2013 (adjusted) | 19,116 | 97,613 | 433 | 11,896 |
| Net loss | -2,520 | |||
| Total income and expenses recognized in equity |
||||
| Total comprehensive income | -2,520 | |||
| As of March 31, 2013 | 19,116 | 97,613 | 433 | 9,376 |
1) Since January 1, 2013, the SUSS MicroTec Group applies IAS 19 (revised). This change in accounting policy was recognised retrospectively and
comparatives 2012 have been restated. 2) Actuarial valuations of the actuarial gains and losses are only compiled as of December 31 each year. Present amounts exclusively result from adjustments due to exchange-rate fluctuations.
| Equity | Minority interests | Total equity attributable to shareholders of Suss MicroTec AG |
Accumulated other comprehensive income | |||
|---|---|---|---|---|---|---|
| Fair value fluctua tions of available for sale securities |
Cash flow hedges | Foreign currency adjustments |
Remeasurements on defined benefit pension plans |
|||
| 120,393 | 689 | 119,704 | 172 | -226 | -959 | 0 |
| -412 | -412 | -412 | ||||
| 119,981 | 689 | 119,292 | 172 | -226 | -959 | -412 |
| 1,262 | 26 | 1,236 | ||||
| 72 | 7 | 65 | 86 | -28 | 8 | -1 2) |
| 1,334 | 33 | 1,301 | 86 | -28 | 8 | -1 |
| 121,315 | 722 | 120,593 | 258 | -254 | -951 | -413 |
| 128,106 | 0 | 128,106 | 179 | -363 | -768 | 0 |
| -915 | -915 | -915 | ||||
| 127,191 | 0 | 127,191 | 179 | -363 | -768 | -915 |
| -2,520 | -2,520 | |||||
| -117 | -117 | -58 | 30 | -91 | 22) | |
| -2,637 | 0 | -2,637 | -58 | 30 | -91 | 2 |
| 124,554 | 0 | 124,554 | 121 | -333 | -859 | -913 |
| in 1 thousand | Lithography | Substrate Bonder | Photomask Equipment | ||||
|---|---|---|---|---|---|---|---|
| 3M/ 2013 | 3M/ 2012 | 3M/ 2013 | 3M/ 2012 | 3M/ 2013 | 3M/ 2012 | ||
| External Sales | 18,639 | 21,521 | 3,053 | 4,280 | 7,516 | 4,518 | |
| Internal Sales | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total Sales | 18,639 | 21,521 | 3,053 | 4,280 | 7,516 | 4,518 | |
| Result per segment (EBIT) | 422 | 4,291 | -4,226 | -3,245 | 1,192 | -358 | |
| Income before taxes | 392 | 4,291 | -4,226 | -3,246 | 1,190 | -359 | |
| Significant non-cash items | -22 | -110 | -661 | -953 | 9 | -330 | |
| Segment assets | 78,322 | 74,547 | 37,431 | 38,486 | 10,492 | 16,221 | |
| thereof Goodwill | 15,447 | 20,353 | 0 | 0 | 0 | 0 | |
| Unallocated assets | |||||||
| Total assets | |||||||
| Segment liabilities | -24,910 | -34,723 | -6,143 | -7,268 | -2,852 | -7,334 | |
| Unallocated liabilities | |||||||
| Total liabilities | |||||||
| Depreciation and amortisation | 579 | 413 | 476 | 541 | 111 | 152 | |
| thereof scheduled | 579 | 413 | 476 | 541 | 111 | 152 | |
| thereof impairment loss | 0 | 0 | 0 | 0 | 0 | 0 | |
| Capital expenditure | 89 | 2,478 | 22 | 95 | 9 | 22 | |
| Workforce at March 31 | 415 | 407 | 120 | 131 | 105 | 107 |
| in 1 thousand | Sales (continuing operations) |
Capital expenditure | Assets (without Goodwill) |
||||
|---|---|---|---|---|---|---|---|
| 3M/ 2013 | 3M/ 2012 | 3M/ 2013 | 3M/ 2012 | 3M/ 2013 | 3M/2012 | ||
| Europe | 6,484 | 10,367 | 985 | 602 | 93,198 | 96,760 | |
| North-America | 4,889 | 6,440 | 10 | 2,217 | 22,824 | 17,657 | |
| Japan | 1,790 | 6,132 | 4 | 0 | 4,147 | 4,228 | |
| Rest of Asia | 16,932 | 8,269 | 31 | 3 | 2,260 | 1,391 | |
| Consolidation effects | 0 | 0 | 0 | 0 | 92 | -1,829 | |
| Total | 30,095 | 31,208 | 1,030 | 2,822 | 122,521 | 118,207 |
| Total | Consolidation effects | Discontinued Operations (Test business) |
Continuing operations | Other | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3M/ 2013 3M/ 2012 |
3M/2012 | 3M/2013 | 3M/2012 | 3M/ 2013 | 3M/ 2012 | 3M/ 2013 | 3M/ 2012 | 3M/2013 | ||||
| 30,095 31,208 |
- | - | 0 | 0 | 31,208 | 30,095 | 889 | 887 | ||||
| 0 | -2,046 | -866 | 0 | 0 | 2,046 | 866 | 2,046 | 866 | ||||
| 30,095 31,208 |
-2,046 | -866 | 0 | 0 | 33,254 | 30,961 | 2,935 | 1,753 | ||||
| -3,304 | - | - | 1,507 | 0 | -42 | -3,304 | -730 | -692 | ||||
| -3,256 | - | - | 1,507 | 0 | -45 | -3,256 | -731 | -612 | ||||
| -683 | - | - | 0 | 0 | -1,383 | -683 | 10 | -9 | ||||
| 137,968 138,560 |
- | - | 0 | 0 | 138,560 | 137,968 | 9,306 | 11,723 | ||||
| 15,447 20,353 |
- | - | 0 | 0 | 20,353 | 15,447 | 0 | 0 | ||||
| 36,927 63,260 |
||||||||||||
| 174,895 201,820 |
||||||||||||
| -35,826 -51,295 |
- | - | 0 | 0 | -51,295 | -35,826 | -1,970 | -1,921 | ||||
| -14,515 -29,209 |
||||||||||||
| -50,341 -80,504 |
||||||||||||
| 1,564 | - | - | 0 | 0 | 1,514 | 1,564 | 408 | 398 | ||||
| 1,564 | - | - | 0 | 0 | 1,514 | 1,564 | 408 | 398 | ||||
| 0 | - | - | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| 1,030 | - | - | 0 | 0 | 2,822 | 1,030 | 227 | 910 | ||||
| 693 | - | - | 0 | 0 | 687 | 693 | 42 | 53 | ||||
to the Interim Report of SUSS MicroTec AG as of March 31, 2013
The consolidated financial statements of SUSS MicroTec AG as of December 31, 2012 have been prepared in accordance with the International Financial Reporting Standards (IFRSs) applied by the International Accounting Standards Board (IASB) as of the closing date. The consolidated interim financial statements as of March 31, 2013, which were prepared on the basis of International Accounting Standards (IAS) 34 "Interim Financial Reporting," do not contain all of the necessary information as required for the preparation of the Annual Report and should be read in conjunction with the consolidated financial statements of SUSS MicroTec AG as of December 31, 2012. In the interim financial statements as of March 31, 2013, the same accounting methods were applied as in the consolidated financial statements for the 2012 fiscal year.
All of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) in effect as of March 31, 2013 have been applied.
The following new IFRS standards to be applied since January 1, 2013, are relevant for SUSS MicroTec AG:
Amendments to IAS 1 (Presentation of the Financial Statements)
Amendments to IAS 19 (Employee Benefits)
The retroactive application of the amended IAS 19 led to the complete recording in the statement of financial position of actuarial losses related to pension provisions, which were recognized with a time lag as of 12/31/2012 using the corridor method. The previous year's figures were adjusted accordingly.
For additional information about specific accounting and measurement methods, please see the consolidated financial statements of SUSS MicroTec AG as of December 31, 2012.
The Group auditor has neither audited nor reviewed the interim financial statements.
The consolidated financial statements include the financial statements of SUSS MicroTec AG and of all material companies over which, independent of the level of its participatory investment, the proprietary company can exercise control (i.e. the control principle).
Compared with the consolidated financial statements as of December 31, 2012, there were no changes to the scope of consolidation.
SUSS MicroTec Group has various credit facilities with national and international banks and insurance companies. The credit and guarantee line of 1 7.5 million provided by the bank consortium led by BayernLB and with the participation of Deutsche Bank AG and DZ Bank AG remained in effect until March 31, 2013.
As of April 1, 2013, SUSS MicroTec AG and SUSS MicroTec Lithography GmbH concluded new credit agreements with the bank consortium. The new credit agreements resulted in credit and guarantee lines totaling 1 4.5 million. The new credit lines were granted until further notice and were issued without covenants. Their primary purpose is to serve as backing for down payment guarantees.
The following changes resulted from the initial application of IAS 19 (2011).
The SUSS MicroTec Group maintains defined benefit pension plans in Germany, Japan, and Switzerland. Using the corridor method, actuarial losses of 1 1,242 thousand were not recognized as of 12/31/2012. Pension plans are discussed in detail in the 2012 Annual Report (Notes to the IFRS consolidated financial statements, Item 22).
SUSS MicroTec AG applied IAS 19 (2011) for the first time retrospectively and adjusted the comparative figures accordingly. In the process, the pension provision as of 12/31/2012 / 1/1/2013 was increased by 1 1,242 thousand; in exchange, the deferred tax assets increased by 1 327 thousand. Accumulated other comprehensive income was adjusted by 1 -915 thousand.
As of 12/31/2011 / 1/1/2012, the adjustment amount in accumulated other comprehensive income came to 1 -412 thousand. It resulted from (so far unrecognized) actuarial losses of 1 551 thousand and corresponding deferred tax assets of 1 139 thousand.
The following change results from the new rules in IAS 1:
The items in other comprehensive income must be divided into two categories: Items that are recorded in later periods via the statement of income are disclosed separately from items that remain in other comprehensive income.
SUSS MicroTec AG has provided the necessary information in the statement of comprehensive income and in the statement of changes in equity. The comparative figures were adjusted accordingly.
The securities held as available for sale recognized in the statement of financial position include – as in the previous year – corporate and government bonds as well as commercial papers with a term of up to three months. The securities have been measured at market prices. Any fluctuations in the market price are recognized in accumulated other comprehensive income and therefore do not affect profit and loss.
Financial expense includes 1 31 thousand in interest cost from the compounding of noncurrent financial liabilities, which resulted from the acquisitions of Tamarack / USA (100% acquisition) and Suss MicroOptics / Switzerland (15% acquisition) in the 2012 fiscal year.
Other issues influencing assets, liabilities, shareholders' equity, the result for the period, or cash flows and unusual in terms of their nature, magnitude, or frequency, did not arise during the interim reporting period.
SUSS MicroTec AG has accordingly implemented the required disclosures in the revised IAS 1 (see the discussion under Point 3.3). No further changes have been made; the remaining presentation of the consolidated financial statements as of March 31, 2013, is analogous to the presentation as of December 31, 2012.
To the extent that estimates were made in the interim reports, the methodology underlying the estimates remained fundamentally the same during the fiscal year and in comparison to the previous fiscal year.
In a departure from the approach used at the end of the fiscal year, income tax expense in each interim reporting period is recorded on the basis of the best estimate of the weighted average annual income tax rate which is expected for the entire fiscal year.
SUSS MicroTec AG currently assumes that the annual income tax rate will deviate from the expected tax rate of approximately 28%. The primary reason for this is that the losses accrued by foreign subsidiaries cannot be capitalized.
Otherwise there are no changes requiring disclosure which would have a material impact on the current interim reporting period.
During the reporting period, no issuances, repurchases, or repayments occurred involving either bonds or equity securities.
During the reporting report, no dividend was distributed nor was such a distribution proposed.
In Mai 2013 the management board of SUSS MicroTec has decided to focus permanent bonding on MEMS and LED applications to address the unsatisfying earnings development of this segment. In connection with these measures a non-cash adjustment of 1 6.8 million in the second quarter 2013 will be necessary. The write-offs are on capitalized development costs, which originate from the years prior to 2008, as well as on no longer needed demonstration tools and inventories.
There are no contingent receivables. There were no substantial changes in contingent liabilities since the previous reporting date of December 31, 2012.
Basic earnings per share are calculated by dividing the net profit or loss for the period (net of minority interests) by the average number of shares.
In order to calculate diluted earnings per share, the profit or loss for the period attributable to shareholders (net of minority interests) and the weighted average of outstanding shares are adjusted for the impact of all potential dilutive shares.
The following table shows the calculation of the basic and diluted earnings per share:
| in 1 thousand | Q1 / 2013 | Q1 /2012 |
|---|---|---|
| Loss from continuing operations | -2,520 | -245 |
| Less minority interests | 0 | -26 |
| Loss from continuing operations attributable to shareholders of SUSS MicroTec AG | -2,520 | -271 |
| Weighted average number of outstanding shares | 19,115,538 | 19,101,028 |
| Effect of the (potential) exercise of stock options (number of options) | 0 | 14,510 |
| Adjusted weighted average number of outstanding shares | 19,115,538 | 19,115,538 |
| Earnings per share in 1 from continuing operations – basic – | -0.13 | -0.01 |
| Earnings per share in 1 from continuing operations – diluted – | -0.13 | -0.01 |
of SUSS MicroTec Group
Holding company Production
Sales Other /Non-operating
(1) in liquidation
| Commerzbank German Midcap Conference, Boston/New York | May 22/23 |
|---|---|
| DZ Bank Sustainability Conference, Zurich | June 4 |
| Shareholders' Meeting, Haus der Bayerischen Wirtschaft, Munich | June 19 |
| Berenberg Investment Conference, Paris | June 20 |
| Interim Report 2013 | August 8 |
| Commerzbank TMT Conference, Frankfurt | August 28 |
| Bankhaus Lampe German Technology Seminar, Zurich | September 13 |
| UBS Best of Germany Conference, New York | September 16–18 |
| UniCredit/Kepler Investment Conference, Munich | September 24–26 |
| Baader Investment Conference, Munich | September 24–26 |
| Nine-month Report 2013 | November 7 |
| German Equity Forum, Frankfurt /Main | November 11–13 |
| Published by | SUSS MicroTec AG |
|---|---|
| Edited by | Finance, Julia Natterer |
| Investor Relations, Franka Schielke | |
| Concept and design | Whitepark GmbH & Co., Hamburg |
| Photography | Michael Lange, SUSS MicroTec AG |
SUSS MicroTec AG Schleißheimer Straße 90 85748 Garching, Deutschland Phone: +49 (0)89-32007-0 E-mail: [email protected]
Investor Relations Phone: +49 (0)89-32007-161 E-mail: [email protected]
Forward-looking statements: These reports contain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based oncurrent plans, estimates, and projections,and should be understood as such. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution readers that a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement.
SÜSS MicroTec AG Schleißheimer Straße 90 85748 Garching, Deutschland Phone: +49 (0)89-32007-0 E-mail: [email protected]
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